"This brings the price of a typical house in the UK to £161,797, 12.4% less than at this time last year.

"House prices have now fallen for eleven consecutive months, but the monthly rate of fall has been almost unchanged in the last three months.

"The less volatile three-month-on-three month series has also barely changed for the last three months, after accelerating in the first half of the year. This may suggest the beginning of some stabilisation in the pace of house price falls."